It’s done. The European Bank for Reconstruction and Development (EBRD) has just approved a senior unsecured loan of EUR 50 million, to be paid in two equal tranches, in favour of the Group Agricultural Credit of Morocco (CAM). This major financing, which will be granted in dirhams, is intended to support micro, small and medium-sized enterprises (MSME). According to an EBRD note, this new partnership with Crédit Agricole du Maroc will contribute to building a more competitive and resilient economy by supporting the financing of MSMEs. Particular attention will be paid to the distribution of funds in the regions and to the prospecting of new customers. In addition, these funds will facilitate access to financing for MSMEs in the regions affected by the earthquake of September 8, 2023. CAM is the fourth largest bank in Morocco in terms of assets at the end of 2023.
The bank, which is majority-owned by the State, operates through a network of around 500 branches and has some 4,000 employees. At the end of the 2023 financial year, CAM posted a consolidated outstanding amount of distributed credits of 113 billion dirhams, an increase of 5%, in support of the dynamics of national economic recovery as well as support for small-scale agriculture and the rural world. The new EBRD loan, which is now only awaiting the signing of the agreement with CAM, should further strengthen this dynamic. It is an extension of the partnership established for years between the two institutions.
As a reminder, in February 2024, the CAM and the EBRD signed a memorandum of understanding to promote access to financing in the areas of post-earthquake reconstruction, financial inclusion and the green economy in Morocco. This partnership sets out a comprehensive framework for cooperation between the two institutions, including the establishment of a financing line to support and assist economic activities in the regions affected by the earthquake of September 8, 2023. It also includes financial support for the transition to a green economy as well as support for financial inclusion and the digitalization of disadvantaged populations and regions. In addition, there is support for exporting companies to contribute to better integration of value chains. Morocco is a founding member of the EBRD. It became a country of operations for the Bank in 2012. Since then, it has benefited from more than €4.7 billion in investments spread across 105 projects.
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